Boston-Ma home sales fall 8.8 percent year over year in May: Massachusetts HomeBuyers HomeOwnership

Boston home sales fell 8.8 percent year over year and rose twenty six percent month over month in May, while nationwide, sales fell 8.5 percent annually and rose 5.8 percent monthly, as rising interest rates and home prices weighed on homebuyers’ purchasing power, RE/MAX said in its National Housing Report. The average close to list price ratio of the fifty one metro areas surveyed was 103.3 percent, down 0.2 percent from last month but up 1.6 percent from last year.

 The ratio represents the average value of the sales price divided by list price, and any number over one hundred percent means the home sold for more than asking.  The average days on market totaled twenty three, down three days from April and two days from a year earlier. The number of homes for sale in May rose 16.3 percent month over month and 2.2 percent year over year. Months’ supply of inventory rose to 0.9 from 0.8 in April and fell from one in May 2021.

 “A decline in home sales isn’t entirely unexpected given the higher mortgage-rate environment, but the gains in inventory are welcome news for buyers who are now starting to see a few more listings come onto the market during their home search,” RE/MAX President and CEO Nick Bailey said in a press release. “Affordability remains a concern, but homebuyers are regaining some control, which has been long overdue.”

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